Need advice My equity proposal turning into a development

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I need advice of what information to read and or what to be on the look out for.  Last year while I was trying to put together an apartment deal, my client suggested that I should ask for an equity stake sometime in something I would like to get started investing in.  Well this year I want to build a house and sell it, and when I was referred to a building I asked him if I located a property that he would be interested in building on would he consider allowing me to become an equity partner.  He said yes, and I sent him some properties that I found and a couple of properties that I knew the owner of that would be interested in selling.  Well he is now very interested in not the lots that I sent to him to build one house, but the 2 acres in the hottest part of my area, that will have to be rezoned and developed.  

Has anyone trying to become an equity partner in this way, has anyone tried doing this before?  Any advise would be welcome.

I've done this. My advice would be to get the land under contract and start working on the rezone process. If you can get the land at an acceptable price and have it shovel ready then most builders would be willing to cut you in on the equity or you could just sell the project for a gain on your contract price. If you have a good level of rapport with the land owner then try making the contract contingent on the rezone being approved. Hard to do if there is competition of course.

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